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month what india takes in every year and still, it only grows two percentage points faster than india. in other words, if you think about the quality of chinese growth, it's not as impressive as it appears. it is massive investment, a huge number of airports, eight- lane highways, a high-speed rail that's being built and if you look at what you are getting out of it in terms of the return on investment it is not as impressive. the un just came out with a report indicating that china is going to have a demographic collapse over the next 25 years. it is going to lose 400 million people. there is no point in human history in which you have had a dominant power in the world that is also declining demographically. it simply doesn't happen. and if you want to look at what a country in demographic decline looks like, look at japan and ask yourself how powerful it is. even if china were the largest economy in the world, those numbers are all based on something called purchasing power parody, where china's gdp gets inflated because the cost of a haircut in beijing is less than the cost of one
they are in the range of 2.5, whereas merging markets are more in the range of 6.5, some of them such as india and china getting higher marks, so we are facing a turnaround which is very uneven with country's leading the charge and not those that were historic leading the charge and others advanced economies that are lagging behind in a way given the status of development. in the midst of that, we have clearly the two categories different issues to address but if we are to provide service and guidance, advice and recommendations and if and when necessary and if asked support. those are on the one hand the issues of sovereign debt and concerns all advanced economies ranging from japan to the united states, but clearly with a focus as you write about it as we know with a focus on the year autozone and in particular a country such as greece. on the other hand, when we look at emerging markets we have in some corners the risk of overheating, and we obviously have the risk of inflation as well, and sometimes particularly in the low-income countries the risk of imported completion that results from a high pri
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